OCTOBER 29, 2020
- Loan Amount: $9.650 Million
- Loan Type: Fixed-Rate Bridge Refinancing
- Loan Term: 2-Year
- Property Type: Retail
Red Oak Financial, a Michigan-based commercial real estate finance company, funded a $9,650,000 fixed-rate bridge loan for the Village Festival Shopping Center in Roswell, Georgia. The Class B, multi-tenant retail center at 10930 Crabapple Rd., sits on nearly seven acres and contains a total of 56,921 square feet in two, one-story buildings.
Red Oak’s Gary Bechtel said, “We recognized this well-located retail center in a premier community of Metro Atlanta represented an opportunity to deliver key funding to a sponsor seeking to freshen up the asset to appeal to an affluent Roswell customer base. The loan will provide resources to execute a strategic capital improvement program and further stabilize the property through lease up.”
The sponsor, Phoenix Ten Properties, LLC, is confident the new vision for the Village Festival Shopping Center will introduce a wide array of shopping, dining, and event options at a property that caters to family and working professionals. Planned renovations are expected to bring vibrant energy to the center, as well as the surrounding communities.
The property benefits from high traffic counts, excellent visibility and access to thoroughfares, interstates, and public transportation. It is the last major retail center at the intersection of Woodstock Road and is connected to historic downtown Roswell. The Village Festival Shopping Center stacks up well against the surrounding competitive property set and is situated in a superior Roswell location, considered one of the best communities to live in near Atlanta.